Canandaigua National Corp Boosts Holdings in Automatic Data Processing, Inc. (NASDAQ:ADP)

Canandaigua National Corp raised its holdings in shares of Automatic Data Processing, Inc. (NASDAQ:ADPGet Rating) by 18.7% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 9,956 shares of the business services provider’s stock after purchasing an additional 1,569 shares during the period. Canandaigua National Corp’s holdings in Automatic Data Processing were worth $2,091,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently made changes to their positions in ADP. Los Angeles Capital Management LLC lifted its stake in Automatic Data Processing by 145.4% during the 1st quarter. Los Angeles Capital Management LLC now owns 20,006 shares of the business services provider’s stock valued at $4,552,000 after acquiring an additional 11,854 shares during the period. Kovitz Investment Group Partners LLC purchased a new position in shares of Automatic Data Processing in the first quarter worth about $6,772,000. Crewe Advisors LLC purchased a new position in shares of Automatic Data Processing during the 1st quarter worth $28,000. Capital Investment Advisory Services LLC grew its position in Automatic Data Processing by 7.1% in the first quarter. Capital Investment Advisory Services LLC now owns 2,701 shares of the business services provider’s stock worth $615,000 after acquiring an additional 178 shares during the period. Finally, Westwood Holdings Group Inc. boosted its position in shares of Automatic Data Processing by 14.3% during the 4th quarter. Westwood Holdings Group Inc. now owns 19,931 shares of the business services provider’s stock worth $4,916,000 after purchasing an additional 2,486 shares during the period. Hedge funds and other institutional investors own 79.06% of the company’s stock.

Automatic Data Processing Stock Performance

Shares of NASDAQ ADP opened at $233.64 on Monday. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 0.93. The company has a market capitalization of $97.08 billion, a P/E ratio of 33.33, a P/E/G ratio of 2.42 and a beta of 0.82. Automatic Data Processing, Inc. has a 12 month low of $192.26 and a 12 month high of $261.59. The stock has a 50 day moving average of $239.17 and a 200-day moving average of $225.28.

Automatic Data Processing (NASDAQ:ADPGet Rating) last released its earnings results on Wednesday, July 27th. The business services provider reported $1.50 earnings per share for the quarter, beating analysts’ consensus estimates of $1.48 by $0.02. Automatic Data Processing had a return on equity of 66.25% and a net margin of 17.87%. The firm had revenue of $4.13 billion during the quarter, compared to the consensus estimate of $4.05 billion. During the same period in the prior year, the company posted $1.20 EPS. The company’s revenue was up 10.5% compared to the same quarter last year. As a group, equities research analysts predict that Automatic Data Processing, Inc. will post 8.05 EPS for the current year.

Automatic Data Processing Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Saturday, October 1st. Stockholders of record on Friday, September 9th will be paid a $1.04 dividend. The ex-dividend date is Thursday, September 8th. This represents a $4.16 annualized dividend and a dividend yield of 1.78%. Automatic Data Processing’s payout ratio is 59.34%.

Insider Buying and Selling

In other Automatic Data Processing news, CEO Carlos A. Rodriguez sold 37,594 shares of the stock in a transaction that occurred on Tuesday, September 13th. The stock was sold at an average price of $237.95, for a total value of $8,945,492.30. Following the transaction, the chief executive officer now owns 44,426 shares in the company, valued at $10,571,166.70. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other Automatic Data Processing news, VP Augusto J. Blanchard sold 567 shares of the firm’s stock in a transaction on Tuesday, July 5th. The stock was sold at an average price of $210.64, for a total value of $119,432.88. Following the completion of the sale, the vice president now directly owns 4,238 shares of the company’s stock, valued at $892,692.32. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Carlos A. Rodriguez sold 37,594 shares of Automatic Data Processing stock in a transaction on Tuesday, September 13th. The shares were sold at an average price of $237.95, for a total value of $8,945,492.30. Following the completion of the transaction, the chief executive officer now owns 44,426 shares of the company’s stock, valued at $10,571,166.70. The disclosure for this sale can be found here. Insiders sold 107,349 shares of company stock valued at $25,576,129 over the last 90 days. Company insiders own 0.34% of the company’s stock.

Wall Street Analyst Weigh In

ADP has been the subject of several recent analyst reports. Cowen boosted their target price on Automatic Data Processing from $225.00 to $230.00 in a research note on Thursday, July 28th. Wolfe Research reduced their target price on Automatic Data Processing from $235.00 to $210.00 in a research note on Wednesday, July 20th. Barclays upped their price objective on Automatic Data Processing to $280.00 in a report on Tuesday, August 9th. Cowen lifted their price objective on Automatic Data Processing from $225.00 to $230.00 in a report on Thursday, July 28th. Finally, Mizuho boosted their price objective on Automatic Data Processing from $250.00 to $257.00 and gave the company a “buy” rating in a research report on Monday, August 1st. Nine investment analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat, Automatic Data Processing presently has a consensus rating of “Hold” and a consensus target price of $235.92.

Automatic Data Processing Profile

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Automatic Data Processing, Inc provides cloud-based human capital management solutions worldwide. It operates in two segments, Employer Services and Professional Employer Organization (PEO). The Employer Services segment offers strategic, cloud-based platforms, and human resources (HR) outsourcing solutions.

See Also

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Institutional Ownership by Quarter for Automatic Data Processing (NASDAQ:ADP)

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